Asset owners hold course as Middle East conflict raises market volatility
Middle East tensions drive market swings, but pension funds focus on resilience, risk management, and strategy
UK pensions regulator urges small DC schemes to offer drawdown or merge
Small DC schemes risk consolidation as TPR urges them to offer in‑scheme drawdown for members
German pension consulting market consolidates amid reform and competition
The shift away from guarantees in private pension products is also expected to open the market to new competitors
PensionsEurope slams plan to retain SFDR rules for occupational funds
The trade body described the potential revisions as ‘a structural misfit for IORPs’
Proxy-advisor support for shareholder proposals has plummeted, finds research
Support for sustainability-related shareholder resolutions by ISS fell from 39% in 2024 to 7% in 2025, while Glass Lewis saw a drop from 26% in 2024 to 21% in H1 2025
Regulator forecasts buyout surpluses could exceed £120bn in next decade
The UK government announced plans to amend the existing framework for surplus extraction from DB schemes in May 2025
TELA urges long-term reforms to support Finland’s pension system
‘Intergenerational fairness cannot be built and assessed only within the pension system,’ says lobby group ahead of 2027 election
UK industry warns of conflicts of interest around professional trustees
The consultation aiming to improve standards of pension scheme trusteeship, governance and administration closed today
Major investor bodies flag concerns over proposed SFDR update
Pensioenfederatie and Europe’s fund management association publish their official positions
People moves: Schroders names head of UK institutional
Rachel Harris will reinforce Schroders’ commitment to the UK market and focus on continued growth
Germany’s VZB claims previous investments were ‘unlawful’
The German pension fund for dentists is attempting to claw back damages against its €1.1bn loss
Sweden’s FTN calls for tenders for €4bn of US, North American equity mandates
In its eighth procurement process, Swedish Fund Selection Agency plans to replace 16 existing fund offerings with just eight
Church of England Pension Board explores collective defined contribution arrangement
The board previously expressed interest in launching a multi-employer CDC scheme back in 2024
Inarcassa turns to alternatives to fast track private markets capital deployment
The fund is targeting a 34% allocation to private markets, compared with 28.2% currently invested
Buyout increasingly perceived as less attractive for large defined benefit schemes
Strong funding and control drive large UK DB pension fund to rethink buyout as the default endgame, says Brightwell
Australian, Canadian super funds announce tie-up under new joint initiative
Australian and Canadian funds form pact under new Canadian-Australian Pension Funds Investment Initiative
Norway tells SWF to put big-tech concentration risk under microscope
Finance ministry follows up on January’s advice from GPFG’s new expert panel, asking central bank to probe bonds strategy, geopolitical and concentration risk
Alecta outpaces AMF returns, says overhaul has made it safer
Equities gains boost Swedish occupational pensions giant’s five-year return to 7.3%, beating peer pension fund AMF’s 5.5% for its smoothed traditional product
Currency hedging dilemma hits Swiss pension returns
Swiss pension funds face losses or missed gains as dollar weakness and interest rate differentials challenge hedging
NBIM’s backing for green shareholder proposals plunges amid polarisation
Norway’s SWF says fewer sustainability-linked proposals made it to the ballot, adding that quality was poorer
Qinetiq pension fund awards £1.3bn fiduciary mandate to Insight
As part of the contract, Insight has responsibility for advising the trustee on investment strategy in addition to day-to-day oversight and management of the fund’s assets
German tax court tightens rules on shareholder-financed occupational pensions
Deloitte’s Claudia Veh warns rulings will increase valuation complexity for pension promises
Rising geopolitical risk tests UK DB sponsor covenant resilience
Policy turbulence behind 42% of UK DB sponsor profit warnings in 2025, according to EY-Parthenon
NZAM: Which asset managers have stuck and which ones have left
Most Net Zero Asset Managers initiative members stay on after overhaul, but major names remain absent
Germany’s VBL sets tailored net zero goals across asset classes
The German public sector supplementary pension fund sets separate net zero targets for equities, bonds and real estate, aiming for 2050
Italian schemes shift to domestic equities in US pullback
Italian pension funds boost domestic and emerging market exposure while trimming US tech and Treasuries
New dataset aims to make nature-related financial risk actionable for investors
New tool aims to help investors quantify how biodiversity loss could affect portfolio performance
AP4 leads Swedish buffer fund returns as forex hedging pays off
With legal obligation to protect against currency fluctuations, AP3, AP4 take weaker hit from krona strength than AP7
Supervisor expects stricter risk management from German pension funds
Finance ministry expects schemes to apply new standards developed by ABV, the association of professional pension funds in Germany
UK lifeboat fund confirms zero levy for second year
The Pension Protection Fund, however, confirmed it will maintain a ‘proportionate’ alternative covenant pension fund levy next year
UK publishes sustainability reporting standards
The standards are voluntary for the time being, but the Financial Conduct Authority is currently consulting on changes to the UK’s listing rules
People moves: Railpen names chief risk officer
The UK £34bn railways pension fund has also appointed a chief people officer
Relaunch of NZAM sees most asset managers doubling down on net zero
Members must ‘commit to support investing aligned with the global goal of net zero greenhouse gas emissions’
UK populist party plan to end defined benefit fund for staff sparks industry alarm
Reform UK party wants to create a £500bn British sovereign wealth fund that would boost economic growth, and close LGPS funds to new members
Swiss pension funds consider venture capital as satellite allocation
Consultancy c-alm says dedicated domestic allocations to venture capital are rare
Funds keep ESG branding despite holding fossil assets
Research finds most funds breaching ESMA’s ESG naming rules opted to change their names rather than sell fossil fuel assets
UK publisher completes £270m buy-in with M&G for Trinity pension fund
The second, and final, buy-in secures the benefits of 3,200 members of the Trinity Retirement Benefit Scheme
Schroders, JP Morgan among US, UK winners in Swedish FTN’s biggest tender
Big ticket sizes was key in attracting the best asset managers for premium pension savers, Swedish agency says
EC’s IORP II review returns benchmarking proposal could backfire, say Dutch
Dutch pension fund association sets out stall on IORP II review proposal in position paper on the Commission’s supplementary pensions package
Aerospace, cyber venture capital test Italy’s pension framework
Italian pension funds increase venture capital bets in aerospace and cybersecurity, urging clearer rules and larger funding rounds
Swedish pension providers urged to rethink allocation, decumulation design
Consultancy Arkwright recommends a structurally higher allocation to unlisted assets, arguing that value creation is increasingly concentrated in private markets
NBIM sets guardrails on corporate use of environmental attribute certificates
Oil fund manager makes clear companies should prioritise reducing emissions from own operations and value chains
Europe’s supervisors wade in on sustainability disclosure rules
EIOPA, ESMA and the EBA flag concerns about permanent reliefs and compatibility with SFDR
Delta Lloyd pension fund agrees buyout with Zwitserleven
The closed €3bn pension scheme has secured 100% annual pension indexation for all its members
Ardian wins mandate to build portfolio for L&G’s Private Market Access Fund [updated]
The vehicle, part of L&G’s Lifetime Advantage Fund, is designed to provide L&G’s 5.6 million UK defined contribution members greater access to private markets
AP7 to pilot test wider insourcing of SEK1.36trn passive portfolio
Geopolitical situation is one of the reasons behind Swedish pensions giant’s move to bring lion’s share of equities in house
Aon Germany sets up advisory board to streamline operations
The new board will focus on client acquisition, building executive partnerships, talent strategy, strategic growth initiatives, and M&A
Swedish lobby troubled by commission’s misunderstanding of pensions
Insurance Sweden’s Erlandsson warns raising pensions capital tax creates uncertainty and interferes with complex interplay in pension system
German Spezialfonds custody market tightens as top banks deepen dominance
BNP Paribas, HSBC and JP Morgan together hold €1.19trn in Spezialfonds custody mandates, equating to just over 56% of the market, according to Kommalpha
Compenswiss turns to bespoke asset allocations for each social security fund
Swiss central compensation fund shifts to fund-specific allocations as AHV, IV face rising costs and liquidity pressures
